The current owner of Formica, Fletcher Building, has entered into an agreement to sell the Formica Group to Broadview Holding BV. Formica Group is a worldwide provider of branded, design-coordinated surfacing solutions for commercial and residential customers and a huge manufacturer of High Pressure Laminate.

The sale includes Formica Group businesses in North America, Europe and Asia as well as its Homapal laminates business in Germany and is subject to regulatory approvals and conditions.

"The divestment of Formica completes our strategy to exit non-core businesses having already completed the sale of Roof Tile Group in November 2018," says Fletcher Building CEO Ross Taylor. "Our five-year strategy is to refocus Fletcher Building's capital and capability behind our New Zealand and Australian businesses, with building products and distribution at our core.

"We are pleased to have signed the sale agreement in line with our target timing and to have achieved a strong valuation for the business. We believe Broadview is a natural owner of Formica, being a leading player in the laminates industry. We are confident that the regulatory process required to complete the sale will go smoothly and on that basis expect the sale to be completed by the end of FY19."

Broadview is an industrial holding company with a focus on materials technology and energy. The group currently has circa 2,900 employees worldwide with combined sales of circa EUR 700 million.

Broadview's material technology group of companies includes surfacing material businesses Trespa (NL) and Arpa (IT) that produce and sell composite panels, Trespa for facade cladding and laboratory furniture, Arpa for a variety of interior surfaces such as kitchens and retail furniture. Based on a similar technology, Westag & Getalit (DE) manufactures worktops, doors and frames as well as wood-based panels.

Broadview is a member of HAL Holding, which is listed on the Amsterdam stock exchange (HAL NA) and has a market capitalisation of approximately EUR 11 billion. HAL's strategy is focused on acquiring and holding significant shareholdings in companies, with the objective of increasing long-term shareholder value.